Kingfisher acquires NeedHelp marketplace
Kingfisher has announced its acquisition of NeedHelp, one of Europeโs leading home improvement marketplaces, for a total cash consideration of โฌ10m (ยฃ8.9m).
Guillaume de Kergariou, founder of NeedHelp, has reinvested proceeds from the sale in a 20% interest in the business, which has resulted in the home improvement retailer owning 80%.
NeedHelp is reportedly โgrowing rapidlyโ, having tripled its revenue every year since its initial launch.
Thierry Garnier, Kingfisherโs CEO, said: โTo serve customers effectively today, we need to be more digital and service orientated, while leveraging our strong store assets.
โOnline services marketplaces are key to the future of home improvement retail and NeedHelp is an established and fast-growing player in this arena.โ
He added: โIts acquisition accelerates our digital capabilities and extends the services that we can provide our customers โ two central components of our future growth strategy.
โLooking ahead, we will develop NeedHelp quickly in the UK and Poland by leveraging our extensive store network and our differentiated banners that serve both home improvers and tradespeople.โ
Kergariou said: โWe are delighted to be cementing our relationship with Kingfisher through this transaction.
โThe additional investment and expertise that Kingfisher will bring, as well as the ability to help support its huge customer base, opens an exciting new chapter for us.โ
He added: โWe will continue investing in our technology, product and operational processes to drive even greater customer satisfaction.
โWe are proud to support the growth of the home improvement market in Europe, through our open architecture model.โ